Orbia: Straight from the Call

研报英文原文证据摘录

Orbia: Straight from the Call

J P M O R G A N Latin America Equity Research

23 July 2026

Orbia Neutral

ORBIA.MX, ORBIA* MM

Straight from the Call Price (22 Jul 26):Ps24.15

Latam Oil, Gas & Petrochemicals

Orbia just hosted its 2Q26 conference call. Overall, management remains Milene Clifford Carvalho AC

constructive on the business outlook, citing resilient demand trends, supportive (55-11) 4950-3475

fluorine fundamentals and continued progress on its deleveraging strategy. For milene.carvalho@jpmorgan.com

more details on reported figures, refer to Orbia: 2Q26 Results: Solid Results Henrique Cunha, CFA

Across the Board. See our notes below. (55 11) 4950 3623

henrique.r.cunha@jpmorgan.com

• Polymer Solutions: resin prices expected to stabilize above 2H25 levels. Rodolfo Angele, CFA

Results benefited from higher resin prices, favorable pricing conditions in (55-11) 4950-3888

strategic markets (on ME dynamics) and higher derivatives volumes, rodolfo.r.angele@jpmorgan.com

Banco J.P. Morgan S.A.

supporting margin expansion during the quarter. Looking ahead, while resin

prices have moderated at the start of 2H26 as global supply and demand

dynamics evolved, management noted that industry experts continue to expect

prices to stabilize above levels seen in 2H25. The business also remains

focused on strict cost control, cash generation and profitability growth.

• Building & Infrastructure: profitability initiatives expected to support

results despite demand uncertainties in Europe. Results were supported by

proactive commercial actions implemented early in the quarter to offset higher

input costs, as well as higher volumes in Latin America and ongoing cost-

reduction initiatives. EBITDA also benefited from margin expansion, a